The city is buying three waterfront parcels, creating what itsays will be a 12.5-acre outdoor amusement park within a newer27-acre amusement and entertainment district. More specifically,the plan, approved by the City Council last July, would preserveand grow the historic amusement area, while creating a mixed-useneighborhood that includes 5,000 new units of housing, of which thecity says 900 will be income-targeted units.

A spokesman for the New York City Economic Development Corp.tells Globest.com that the new rides would be in place by next May.Also attending the press conference: Rep. Jerrold Nadler; CityCouncil member Domenic M. Recchia, who represents Coney Island;Assemblyman Alec Brook Krasny; Carlo Scissura, who representedBrooklyn borough president Marty Markowitz; New York City PlanningCommission chair Amanda Burden; State Sen. Diane J. Savino, NYCEDCpresident Seth Pinsky; deputy mayor Robert Lieber; and ThorEquities CEO Sitt.

Sitt tells GlobeSt.com that he's very excited about the newdeal. "While it will all take time and patience," since "it's manyyears out, we're excited in terms of what this will do for ourability to build hotels, retail, etc.," he says.